Tax & Accounting Blog

United States Supreme Court Declines KFC Corp. v. Iowa

United States Supreme Court Declines KFC Corp. v. Iowa

The U.S. Supreme Court has denied the request for certiorari in KFC Corp. v. Iowa. The issue in the case is the asserting of jurisdiction to asses income taxes based on the concept of economic nexus. In KFC, the franchisor licensed its marks and other intangibles to independent franchisees for use in their business, in … Read More

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Did FIN48 Achieve its Purpose? More Likely Than Not

On January 12, 2012, the Financial Accounting Foundation (FAF) released a Post-Implementation Review Report on FASB Interpretation No. 48 (FIN48/ASC 740-10-50) Accounting for Uncertainty in Income Taxes, commonly referred to as Fin 48. The general conclusion of the report is that the benefit of the reporting … Read More

Current Users Answer the Question “Why ONESOURCE?”

Current Users Answer the Question “Why ONESOURCE?”

Rigid year-end deadlines, lack of internal resources, and understaffing are ongoing challenges for tax departments around the world. These issues may seem daunting, but they can be mitigated using ONESOURCE global tax solutions. In our latest YouTube video titled “Why ONESOURCE?” a number of tax professionals have shared their thoughts on how our … Read More

Breaking State and Local Tax Developments from the Past Year

Breaking State and Local Tax Developments from the Past Year

A prolonged economic slump, political challenges at the state and federal level and long-term structural budget issues continued to impact states in 2011. While the big picture seemed to stay about the same, significant changes in many of the states really did come about this year, inspired by governors and legislatures empowered to make some … Read More

New IRS Form to Report Foreign Assets

New IRS Form to Report Foreign Assets

The IRS recently released a draft of new Form 8938 that requires taxpayers to report on certain foreign financial assets for tax year 2011. This reporting is part of FATCA (Foreign Account Tax Compliance Act), which strives to improve compliance of U.S. taxpayers who have offshore assets. This new IRS filing requirement does not replace the taxpayer’s … Read More